

                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):


                      AMERIQUEST MORTGAGE SECURITIES INC.
          (as depositor, Ameriquest Mortgage Company, Master Servicer,
             and Deutsche Bank National Trust Company, as Trustee).

             ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2004-R5
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-112203-01                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1100 TOWN & COUNTRY ROAD, SUITE 1100
          ORANGE, CALIFORNIA                              92868
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (714) 541-9960


     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     .




                                     SIGNATURE


               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  not in its individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of June 1,2004.


          Date:  Aug 04, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of .



Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

				External Parties				Table of Contents

											Page
				Seller							Page
				Seller				1. Certificate Payment Report					2
				Ameriquest Mortgage Corp				1. Certificate Payment Report					2
				Ameriquest Mortgage Corp				2. Collection Account Report					4
								2. Collection Account Report					4
								3. Credit Enhancement Report					6
								4. Collateral Report					7
				Certificate Insurer(s)				5. Delinquency Report					10
				Certificate Insurer(s)				5. Delinquency Report					10
								6. REO Report					13

								7. Foreclosure Report					14
								8. Prepayment Report					15
								9. Prepayment Detail Report					18
								9. Prepayment Detail Report					18
								10. Realized Loss Report					20
								11. Realized Loss Detail Report					23
				Servicer(s)				11. Realized Loss Detail Report					23
				Servicer(s)				12. Triggers and Adj. Cert. Report					24
				Ameriquest Mortgage Corp				12. Triggers and Adj. Cert. Report					24
				Ameriquest Mortgage Corp				13. Additional Certificate Report					25
								13. Additional Certificate Report					25
								14. Other Related Information					26


				Underwriter(s)
				CS First Boston


								Total Number of Pages					26
								Total Number of Pages

				Dates				Contacts

				Cut-Off Date:		June 01, 2004		Valerie Delgado
				Close Date:		June 04, 2004		Administrator
				First Distribution Date:		July 26, 2004		(714) 247-6273
								valerie.m.delgado@db.com
								valerie.m.delgado@db.com
								Address:
								1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		July 26, 2004
								Factor Information:			(800) 735-7777
				Record Date:		June 30, 2004		Factor Information:			(800) 735-7777
								Main Phone Number:			(714) 247-6000

						July 23, 2004
						July 23, 2004

								https://www.corporatetrust.db.com/invr



Page 1 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Certificate Payment Report
Current Period Distribution - MASTER REMIC
					Prior										Current
	Class		Original		Principal				Total		Realized		Deferred		Principal
	Class		Original		Principal				Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest	Principal		Distribution		Loss		Interest		Balance


					(1)	(2)	(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1A	SNR	$	619,000,000.00		619,000,000.00	1,252,873.19	8,066,549.06		9,319,422.25		0.00		0.00		610,933,450.94
A-1A	SNR	$	619,000,000.00		619,000,000.00	1,252,873.19	8,066,549.06		9,319,422.25		0.00		0.00		610,933,450.94
A-1B	SNR	$	68,770,000.00		68,770,000.00	149,125.83	896,181.87		1,045,307.70		0.00		0.00		67,873,818.13
A-2	SNR	$	76,200,000.00		76,200,000.00	136,620.25	4,924,062.13		5,060,682.38		0.00		0.00		71,275,937.87
A-3	SNR	$	37,800,000.00		37,800,000.00	76,508.25	0.00		76,508.25		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00	69,295.40	0.00		69,295.40		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00	142,128.82	0.00		142,128.82		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00	163,380.21	0.00		163,380.21		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00	38,729.17	0.00		38,729.17		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00	61,411.46	0.00		61,411.46		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00	46,556.25	0.00		46,556.25		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00	63,713.54	0.00		63,713.54		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00	30,784.72	0.00		30,784.72		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,472.05	3,491,783.02	463.47		3,492,246.49		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00	136,933.11	0.00		136,933.11		0.00		0.00		100.00
R	R	$	0.00		0.00	0.00	0.00		0.00		0.00		0.00		0.00


Total			1,000,000,572.05		1,000,000,572.05	5,859,843.22	13,887,256.53		19,747,099.75		0.00		0.00		986,113,315.52
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
							Orig. Principal		Prior							Current
							Orig. Principal		Prior							Current
	Period		Period				(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip	Balance		Balance		Interest		Principal		Distribution	Balance

							(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1A	06/04/04		07/25/04		A-Act/360	03072SRS6	619,000,000.00		1,000.000000		2.024028		13.031582		15.055609	986.968418
A-1B	06/04/04		07/25/04		A-Act/360	03072SRT4	68,770,000.00		1,000.000000		2.168472		13.031582		15.200054	986.968418
A-2	06/04/04		07/25/04		A-Act/360	03072SRU1	76,200,000.00		1,000.000000		1.792917		64.620238		66.413155	935.379762
A-3	06/04/04		07/25/04		A-Act/360	03072SRV9	37,800,000.00		1,000.000000		2.024028		0.000000		2.024028	1,000.000000
A-4	06/04/04		07/25/04		A-Act/360	03072SRW7	29,230,000.00		1,000.000000		2.370694		0.000000		2.370694	1,000.000000
M-1	06/04/04		07/25/04		A-Act/360	03072SRX5	57,500,000.00		1,000.000000		2.471806		0.000000		2.471806	1,000.000000
M-2	06/04/04		07/25/04		A-Act/360	03072SRY3	47,500,000.00		1,000.000000		3.439583		0.000000		3.439583	1,000.000000
M-3	06/04/04		07/25/04		A-Act/360	03072SRZ0	10,000,000.00		1,000.000000		3.872917		0.000000		3.872917	1,000.000000
M-4	06/04/04		07/25/04		A-Act/360	03072SSA4	12,500,000.00		1,000.000000		4.912917		0.000000		4.912917	1,000.000000
M-5	06/04/04		07/25/04		A-Act/360	03072SSB2	9,000,000.00		1,000.000000		5.172917		0.000000		5.172917	1,000.000000
M-6	06/04/04		07/25/04		A-Act/360	03072SSC0	7,500,000.00		1,000.000000		8.495139		0.000000		8.495139	1,000.000000
M-7	06/04/04		07/25/04		A-Act/360	03072SSG1	10,000,000.00		1,000.000000		3.078472		0.000000		3.078472	1,000.000000
CE	06/04/04		06/30/04		F-30/360		1,015,000,881.05		14.778777		3.440177		0.000457		3.440634	14.778321
P	06/04/04		06/30/04		F-30/360		100.00		1,000.000000		1,369,331.100000		0.000000		1,369,331.100000	1,000.000000
R	06/04/04		06/30/04		F-30/360		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

Distribution to Date - MASTER REMIC
															Current


	Original				Unscheduled	Scheduled	Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal	Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1A	619,000,000.00		1,252,873.19		7,423,073.44	643,475.61	8,066,549.06		9,319,422.25		0.00		0.00		610,933,450.94
A-1B	68,770,000.00		149,125.83		824,692.67	71,489.21	896,181.87		1,045,307.70		0.00		0.00		67,873,818.13
A-2	76,200,000.00		136,620.25		4,779,381.03	144,681.10	4,924,062.13		5,060,682.38		0.00		0.00		71,275,937.87
A-3	37,800,000.00		76,508.25		0.00	0.00	0.00		76,508.25		0.00		0.00		37,800,000.00
A-4	29,230,000.00		69,295.40		0.00	0.00	0.00		69,295.40		0.00		0.00		29,230,000.00
M-1	57,500,000.00		142,128.82		0.00	0.00	0.00		142,128.82		0.00		0.00		57,500,000.00
M-2	47,500,000.00		163,380.21		0.00	0.00	0.00		163,380.21		0.00		0.00		47,500,000.00
M-3	10,000,000.00		38,729.17		0.00	0.00	0.00		38,729.17		0.00		0.00		10,000,000.00
M-4	12,500,000.00		61,411.46		0.00	0.00	0.00		61,411.46		0.00		0.00		12,500,000.00
M-5	9,000,000.00		46,556.25		0.00	0.00	0.00		46,556.25		0.00		0.00		9,000,000.00
M-6	7,500,000.00		63,713.54		0.00	0.00	0.00		63,713.54		0.00		0.00		7,500,000.00
M-7	10,000,000.00		30,784.72		0.00	0.00	0.00		30,784.72		0.00		0.00		10,000,000.00
CE	15,000,472.05		3,491,783.02		0.00	0.00	463.47		3,492,246.49		0.00		0.00		15,000,008.58
P	100.00		136,933.11		0.00	0.00	0.00		136,933.11		0.00		0.00		100.00
R	0.00		0.00		0.00	0.00	0.00		0.00		0.00		0.00		0.00


Total	1,000,000,572.05		5,859,843.22		13,027,147.14	859,645.92	13,887,256.53		19,747,099.75		0.00		0.00		986,113,315.52


Interest Detail - MASTER REMIC
	Pass		Prior Principal			Non-	Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-	Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported	Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF	Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)	(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1A	1.40125%		619,000,000.00		1,252,873.19	0.00	0.00		0.00		1,252,873.19		1,252,873.19		0.00
A-1B	1.50125%		68,770,000.00		149,125.83	0.00	0.00		0.00		149,125.83		149,125.83		0.00
A-2	1.24125%		76,200,000.00		136,620.25	0.00	0.00		0.00		136,620.25		136,620.25		0.00
A-3	1.40125%		37,800,000.00		76,508.25	0.00	0.00		0.00		76,508.25		76,508.25		0.00
A-4	1.64125%		29,230,000.00		69,295.40	0.00	0.00		0.00		69,295.40		69,295.40		0.00
M-1	1.71125%		57,500,000.00		142,128.82	0.00	0.00		0.00		142,128.82		142,128.82		0.00
M-2	2.38125%		47,500,000.00		163,380.21	0.00	0.00		0.00		163,380.21		163,380.21		0.00
M-3	2.68125%		10,000,000.00		38,729.17	0.00	0.00		0.00		38,729.17		38,729.17		0.00
M-4	3.40125%		12,500,000.00		61,411.46	0.00	0.00		0.00		61,411.46		61,411.46		0.00
M-5	3.58125%		9,000,000.00		46,556.25	0.00	0.00		0.00		46,556.25		46,556.25		0.00
M-6	3.95973%		7,500,000.00		42,897.11	0.00	0.00		0.00		42,897.11		63,713.54		0.00
M-7	2.13125%		10,000,000.00		30,784.72	0.00	0.00		0.00		30,784.72		30,784.72		0.00
CE	310.37095%		15,000,472.05		0.00	0.00	0.00		0.00		0.00		3,491,783.02		0.00
P	0.00000%		100.00		0.00	0.00	0.00		0.00		0.00		136,933.11		0.00
R	0.00000%		0.00		0.00	0.00	0.00		0.00		0.00		0.00		0.00


Total			1,000,000,572.05		2,210,310.66	0.00	0.00		0.00		2,210,310.66		5,859,843.22		0.00



Page 3 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
								Group 2		Group 1		Total
Principal Collections								4,924,226.47		8,963,030.06		13,887,256.53
Principal Withrawals								0.00		0.00		0.00
Principal Other Accounts								0.00		0.00		0.00
TOTAL NET PRINCIPAL								4,924,226.47		8,963,030.06		13,887,256.53
Interest Collections								967,611.96		4,855,072.57		5,822,684.53
Interest Withdrawals								-0.00		-0.00		-0.00
Interest Other Accounts								0.00		0.00		136,933.11
Interest Fees								-15,207.60		-84,566.82		-99,774.42
TOTAL NET INTEREST								952,404.36		4,770,505.75		5,859,843.22
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION								5,876,630.83		13,733,535.81		19,747,099.75



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Principal Received									144,681.10		714,964.82		859,645.92
Curtailments									12,222.50		77,839.06		90,061.56
Prepayments In Full									2,903,350.50		5,144,072.04		8,047,422.54
Repurchased/Substitutions									1,863,972.37		3,026,154.14		4,890,126.51
Liquidations									0.00		0.00		0.00
Insurance Principal									0.00		0.00		0.00
Other Additional Principal									0.00		0.00		0.00
Delinquent Principal									-116,207.83		-530,794.87		-647,002.70
Realized Losses									-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal									116,207.83		530,794.87		647,002.70
TOTAL PRINCIPAL COLLECTED									4,924,226.47		8,963,030.06		13,887,256.53


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
								Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS								0.00		0.00		0.00





Page 4 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
								Group 2		Group 1		Total
Scheduled Interest								1,013,413.69		5,097,054.85		6,110,468.54
Repurchased/Substitution Interest								11,121.74		19,820.07		30,941.81
Liquidation Interest								0.00		0.00		0.00
Insurance Interest								0.00		0.00		0.00
Other Additional Interest								0.00		0.00		0.00
Prepayment Interest Shortfalls								-7,105.19		-15,790.67		-22,895.86
Delinquent Interest								-816,159.05		-3,910,584.60		-4,726,743.65
Compensating Interest								7,105.19		15,790.67		22,895.86
Civil Relief Act Shortfalls								-0.00		-0.00		-0.00
Interest Advanced								759,235.58		3,648,782.26		4,408,017.83
TOTAL INTEREST COLLECTED								967,611.96		4,855,072.57		5,822,684.53


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
								Group 2		Group 1		Total
Trust Fund Expenses								0.00		0.00		0.00
Non-Recoverable Advances								0.00		0.00		0.00
Reimbursements to Master Servicer								0.00		0.00		0.00

TOTAL INTEREST WITHDRAWALS								0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
								Group 2		Group 1		Total
Prepayment Charges								0.00		0.00		136,933.11
Net Wac Investment Income								0.00		0.00		0.00

TOTAL INTEREST OTHER ACCOUNTS								0.00		0.00		136,933.11



INTEREST - FEES
INTEREST - FEES
								Group 2		Group 1		Total
Current Servicing Fees								14,891.61		83,049.47		97,941.09
Trustee Fees								315.99		1,517.35		1,833.33

TOTAL INTEREST FEES								15,207.60		84,566.82		99,774.42




Page 5 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Credit Enhancement Report
ACCOUNTS






INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
								Group 2		Group 1		Total
Overcollateralized Amount												15,000,472.05
Overcollateralization Release Amount												463.47
Overcollateralization Deficiency Amount												0.00
Overcollateralization Target Amount												15,000,008.58



Page 6 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Collateral Report

COLLATERAL
COLLATERAL
									Group 2		Group 1		Total



*Loan Count:*

Original								623		5,658		6,281
Prior								623		5,658		6,281
Prefunding								0		0		0
Scheduled Paid Offs								-0		-0		-0
Full Voluntary Prepayments								-8		-32		-40
Repurchases								-6		-24		-30
Liquidations								-0		-0		-0
Current								609		5,602		6,211

*Principal Balance:*

Original								172,356,218.93		827,644,353.12		1,000,000,572.05
Prior								172,356,218.93		827,644,353.12		1,000,000,572.05
Prefunding								0.00		0.00		0.00
Scheduled Principal								-144,681.10		-714,964.82		-859,645.92
Partial Prepayments								-12,222.50		-77,839.06		-90,061.56
Full Voluntary Prepayments								-2,903,350.50		-5,144,072.04		-8,047,422.54
Repurchases								-1,863,972.37		-3,026,154.14		-4,890,126.51
Liquidations								-0.00		-0.00		-0.00
Current								167,431,992.46		818,681,323.06		986,113,315.52




PREFUNDING

SPACE INTENTIONALLY LEFT BLANK







Page 7 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
								Group 2		Group 1		Total
Weighted Average Coupon Original								7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior								7.13315%		7.41895%		7.36969%
Weighted Average Coupon Current								7.13315%		7.41895%		7.36969%
Weighted Average Months to Maturity Original								355		350		351
Weighted Average Months to Maturity Prior								355		350		351
Weighted Average Months to Maturity Current								355		350		351
Weighted Avg Remaining Amortization Term Original								355		350		351
Weighted Avg Remaining Amortization Term Prior								355		350		351
Weighted Avg Remaining Amortization Term Current								355		350		351
Weighted Average Seasoning Original								2.10		2.11		2.11
Weighted Average Seasoning Prior								2.10		2.11		2.11
Weighted Average Seasoning Current								2.10		2.11		2.11









Page 8 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
								Group 2		Group 1		Total
Weighted Average Margin Original								5.92535%		6.04064%		6.02050%
Weighted Average Margin Prior								5.92535%		6.04064%		6.02050%
Weighted Average Margin Current								5.92535%		6.04064%		6.02050%
Weighted Average Max Rate Original								13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior								13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Current								13.21667%		13.51457%		13.46252%
Weighted Average Min Rate Original								7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior								7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Current								7.21667%		7.51457%		7.46252%
Weighted Average Cap Up Original								1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Prior								1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Current								1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Original								1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Prior								1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Current								1.00000%		1.00000%		1.00000%




SERVICING FEES & ADVANCES
SERVICING FEES & ADVANCES
									Group 2		Group 1		Total




Current Servicing Fees								14,891.61		83,049.47		97,941.09
Delinquent Servicing Fees								56,923.48		261,802.34		318,725.82
TOTAL SERVICING FEES								71,815.09		344,851.82		416,666.92


Total Servicing Fees								71,815.09		344,851.82		416,666.92
Compensating Interest								-7,105.19		-15,790.67		-22,895.86
Delinquent Servicing Fees								-56,923.48		-261,802.34		-318,725.82
COLLECTED SERVICING FEES								14,891.61		83,049.47		75,045.24


Total Advaced Interest								759,235.58		3,648,782.26		4,408,017.83
Total Advaced Principal								116,207.83		530,794.87		647,002.70
Aggregate Advances with respect to this Distribution								875,443.41		4,179,577.13		5,055,020.53





ADDITIONAL COLLATERAL INFORMATION
								Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)								7,105.19		15,790.67		22,895.86
Compensating Interest								-7,105.19		-15,790.67		-22,895.86
Net Prepayment Interest Shortfall (PPIS)								0.00		0.00		0.00




Page 9 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT	2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			513,938.94	0.00		0.00		513,938.94
			% Balance			0.05%	0.00%		0.00%		0.05%
			# Loans			2	0		0		2
			% # Loans			0.03%	0.00%		0.00%		0.03%
	FORECLOSURE		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		199,275.80	0.00	0.00		0.00		199,275.80
			% Balance		0.02%	0.00%	0.00%		0.00%		0.02%
			# Loans		2	0	0		0		2
			% # Loans		0.03%	0.00%	0.00%		0.00%		0.03%
	REO		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	TOTAL		Balance		199,275.80	513,938.94	0.00		0.00		713,214.74
			% Balance		0.02%	0.05%	0.00%		0.00%		0.07%
			# Loans		2	2	0		0		4
			% # Loans		0.03%	0.03%	0.00%		0.00%		0.06%









Page 10 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT	2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			102,655.26	0.00		0.00		102,655.26
			% Balance			0.01%	0.00%		0.00%		0.01%
			# Loans			1	0		0		1
			% # Loans			0.02%	0.00%		0.00%		0.02%
	FORECLOSURE		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		199,275.80	0.00	0.00		0.00		199,275.80
			% Balance		0.02%	0.00%	0.00%		0.00%		0.02%
			# Loans		2	0	0		0		2
			% # Loans		0.04%	0.00%	0.00%		0.00%		0.04%
	REO		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	TOTAL		Balance		199,275.80	102,655.26	0.00		0.00		301,931.06
			% Balance		0.02%	0.01%	0.00%		0.00%		0.04%
			# Loans		2	1	0		0		3
			% # Loans		0.04%	0.02%	0.00%		0.00%		0.05%










Page 11 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT	2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			411,283.68	0.00		0.00		411,283.68
			% Balance			0.25%	0.00%		0.00%		0.25%
			# Loans			1	0		0		1
			% # Loans			0.16%	0.00%		0.00%		0.16%
	FORECLOSURE		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00	0.00		0.00		0.00
			% Balance		0.00%	0.00%	0.00%		0.00%		0.00%
			# Loans		0	0	0		0		0
			% # Loans		0.00%	0.00%	0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	411,283.68	0.00		0.00		411,283.68
			% Balance		0.00%	0.25%	0.00%		0.00%		0.25%
			# Loans		0	1	0		0		1
			% # Loans		0.00%	0.16%	0.00%		0.00%		0.16%









Page 12 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
REO Report
Loan Number			Original		Stated		Current		State &

												First
&			Principal		Principal	Paid to	Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date	Rate		Origination		Term		Date




TOTAL



Page 13 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated		Current		State &

												First
&			Principal		Principal	Paid to	Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date	Rate		Origination		Term		Date




TOTAL



Page 14 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS
									Group 2		Group 1		Total



*Current*

Number of Paid in Full Loans								8		32		40
Number of Repurchased Loans								6		24		30
Total Number of Loans Prepaid in Full								14		56		70
Curtailments Amount								12,222.50		77,839.06		90,061.56
Paid in Full Balance								2,903,350.50		5,144,072.04		8,047,422.54
Repurchased Loans Balance								1,863,972.37		3,026,154.14		4,890,126.51
Total Prepayment Amount								4,779,545.37		8,248,065.24		13,027,610.61



*Cumulative*

Number of Paid in Full Loans								8		32		40
Number of Repurchased Loans								6		24		30
Total Number of Loans Prepaid in Full								14		56		70
Paid in Full Balance								2,903,350.50		5,144,072.04		8,047,422.54
Repurchased Loans Balance								1,863,972.37		3,026,154.14		4,890,126.51
Curtailments Amount								12,222.50		77,839.06		90,061.56
Total Prepayment Amount								4,779,545.37		8,248,065.24		13,027,610.61










Page 15 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES
									Group 2		Group 1		Total



SMM								2.78%		1.00%		1.30%
3 Months Avg SMM								2.78%		1.00%		1.30%
12 Months Avg SMM								2.78%		1.00%		1.30%
Avg SMM Since Cut-off								2.78%		1.00%		1.30%


CPR								28.66%		11.33%		14.57%
3 Months Avg CPR								28.66%		11.33%		14.57%
12 Months Avg CPR								28.66%		11.33%		14.57%
Avg CPR Since Cut-off								28.66%		11.33%		14.57%


PSA								6,819.96%		2,683.49%		3,453.01%
3 Months Avg PSA Approximation								6,819.96%		2,683.49%		3,453.01%
12 Months Avg PSA Approximation								6,819.96%		2,683.49%		3,453.01%
Avg PSA Since Cut-off Approximation								6,819.96%		2,683.49%		3,453.01%











Page 16 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 17 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original				Current		State &		Type Prepayment		First
Loan Number			Original				Current		State &		Type Prepayment

&			Principal		Prepayment	Prepayment	Note		LTV at		&		Payment

Loan Group			Balance		Amount	Date	Rate		Origination		Original Term		Date

60550365 1		176,000.00		175,411.03		23-Jun-2004	8.990%		FL - 78.22%		Paid Off - 360		01-Jan-2004
60550365 1		176,000.00		175,411.03		23-Jun-2004	8.990%		FL - 78.22%		Paid Off - 360		01-Jan-2004
60843943 1		260,000.00		259,192.42		21-Jun-2004	9.350%		MA - 66.67%		Paid Off - 360		01-Jan-2004
61309480 1		113,000.00		112,621.81		07-Jul-2004	8.990%		FL - 83.70%		Paid Off - 360		01-Jan-2004
61894481 1		124,000.00		123,704.18		10-Jun-2004	10.600%		IL - 71.68%		Paid Off - 360		01-Jan-2004
62084561 1		62,000.00		61,888.95		04-Jun-2004	11.950%		WI - 84.93%		Paid Off - 360		01-Jan-2004
62349949 2		445,000.00		443,728.73		01-Jul-2004	9.750%		CA - 84.76%		Paid Off - 360		01-Jan-2004
62383120 2		70,000.00		69,846.41		08-Jul-2004	10.990%		MD - 53.85%		Paid Off - 360		01-Jan-2004
63240782 1		139,500.00		137,195.32		08-Jul-2004	8.750%		WI - 88.85%		Paid Off - 180		01-Jan-2004
63564223 2		78,000.00		77,787.97		21-Jun-2004	9.990%		IL - 60.00%		Paid Off - 360		01-Jan-2004
64650989 1		76,500.00		76,239.37		10-Jun-2004	7.990%		FL - 82.26%		Paid Off - 360		01-Feb-2004
65427304 1		180,000.00		179,635.98		16-Jun-2004	10.500%		NY - 69.23%		Paid Off - 360		01-Feb-2004
73240327 1		255,000.00		254,680.26		23-Jun-2004	8.350%		NY - 75.00%		Paid Off - 360		01-May-2004
73772220 2		500,000.00		#######		07-Jul-2004	7.100%		CA - 80.00%		Paid Off - 360		01-May-2004
74337106 1		148,750.00		148,638.49		29-Jun-2004	7.450%		HI - 85.00%		Paid Off - 360		01-Jun-2004
74697301 2		549,999.00		549,655.39		29-Jun-2004	8.350%		AZ - 87.30%		Paid Off - 360		01-Jun-2004
74769381 1		75,000.00		74,958.95		01-Jul-2004	8.990%		MN - 55.56%		Paid Off - 360		01-Jun-2004
74875949 1		95,000.00		94,937.53		02-Jul-2004	8.100%		WI - 95.00%		Paid Off - 360		01-Jun-2004
75063941 1		243,000.00		242,863.06		24-Jun-2004	8.850%		CA - 90.00%		Paid Off - 360		01-Jun-2004
75125526 1		171,000.00		170,885.03		29-Jun-2004	7.990%		MN - 67.06%		Paid Off - 360		01-Jun-2004
75129809 1		138,330.00		138,219.92		01-Jul-2004	7.150%		IL - 90.00%		Paid Off - 360		01-Jun-2004
75325688 1		137,700.00		137,566.80		09-Jul-2004	6.150%		OH - 90.00%		Paid Off - 360		01-Jun-2004
75411363 1		73,500.00		73,449.15		30-Jun-2004	7.850%		FL - 63.36%		Paid Off - 360		01-Jun-2004
75542381 1		191,250.00		191,202.67		28-Jun-2004	12.650%		WA - 75.00%		Paid Off - 360		01-Jun-2004
75595462 1		143,000.00		142,882.55		30-Jun-2004	6.990%		ME - 71.50%		Paid Off - 360		01-Jun-2004
75596783 1		102,000.00		101,949.82		02-Jul-2004	9.500%		FL - 85.00%		Paid Off - 360		01-Jun-2004
75701862 1		157,500.00		157,375.90		04-Jun-2004	7.200%		MD - 90.00%		Paid Off - 360		01-Jun-2004
75712802 1		263,000.00		262,830.57		30-Jun-2004	8.200%		MD - 83.49%		Paid Off - 360		01-Jun-2004
75785725 1		247,000.00		246,737.18		07-Jul-2004	5.650%		MA - 85.17%		Paid Off - 360		01-Jun-2004
76000561 1		67,500.00		67,434.71		11-Jun-2004	6.150%		FL - 90.00%		Paid Off - 360		01-Jun-2004
76056423 1		192,000.00		191,881.27		15-Jun-2004	8.400%		WA - 60.00%		Paid Off - 360		01-Jun-2004
76097369 1		206,000.00		205,817.36		07-Jul-2004	6.600%		CA - 82.40%		Paid Off - 360		01-Jun-2004
76194224 1		89,250.00		89,218.10		02-Jul-2004	10.990%		PA - 75.00%		Paid Off - 360		01-Jun-2004
76625045 1		261,000.00		260,823.09		02-Jun-2004	7.950%		CA - 58.65%		Paid Off - 360		01-Jun-2004
76648401 1		116,000.00		115,949.76		23-Jun-2004	10.100%		IL - 77.33%		Paid Off - 360		01-Jun-2004
76651728 1		128,400.00		128,279.33		23-Jun-2004	6.300%		WI - 82.84%		Paid Off - 360		01-Jun-2004
77335784 1		420,000.00		419,601.48		02-Jun-2004	6.250%		MA - 76.64%		Paid Off - 360		01-Jun-2004
77531085 2		375,000.00		374,805.59		01-Jul-2004	9.250%		CA - 58.59%		Paid Off - 360		01-Jun-2004



Page 18 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original				Current		State &		Type Prepayment		First
Loan Number			Original				Current		State &		Type Prepayment

&			Principal		Prepayment	Prepayment	Note		LTV at		&		Payment

Loan Group			Balance		Amount	Date	Rate		Origination		Original Term		Date

77688240 2		550,000.00		549,627.19		04-Jun-2004	7.950%		CO - 61.11%		Paid Off - 360		01-Jun-2004
77688240 2		550,000.00		549,627.19		04-Jun-2004	7.950%		CO - 61.11%		Paid Off - 360		01-Jun-2004
78002466 2		339,000.00		338,705.25		02-Jul-2004	6.700%		CA - 88.05%		Paid Off - 360		01-Jun-2004
78781184 1		100,000.00		100,000.00		04-Jun-2004	7.700%		FL - 54.05%		Paid Off - 360		01-Jul-2004
67910604 2		60,000.00		59,833.27		08-Jul-2004	8.990%		MO - 61.22%		Repur/Subs - 360		01-Mar-2004
72481245 1		106,250.00		105,378.06		07-Jul-2004	6.500%		MO - 85.00%		Repur/Subs - 360		01-Jun-2004
74469040 2		348,500.00		347,843.28		10-Jun-2004	6.300%		CA - 83.98%		Repur/Subs - 360		01-Jun-2004
74914920 1		128,605.00		127,982.11		21-Jun-2004	9.990%		WI - 83.35%		Repur/Subs - 360		01-Jun-2004
74976960 1		148,470.00		148,269.68		06-Jul-2004	7.990%		MO - 89.98%		Repur/Subs - 360		01-Jun-2004
75002147 1		144,000.00		142,747.96		23-Jun-2004	7.800%		MI - 93.51%		Repur/Subs - 360		01-Jun-2004
75149807 1		72,000.00		71,928.12		28-Jun-2004	9.450%		KS - 53.33%		Repur/Subs - 360		01-Jun-2004
75271460 1		63,500.00		63,453.00		21-Jun-2004	10.850%		WI - 74.71%		Repur/Subs - 360		01-Jun-2004
75315929 1		87,750.00		86,901.48		07-Jul-2004	9.750%		MI - 75.00%		Repur/Subs - 360		01-Jun-2004
75360446 1		76,633.00		76,529.59		21-Jun-2004	7.990%		MO - 72.30%		Repur/Subs - 360		01-Jun-2004
75479501 1		140,000.00		139,778.72		09-Jul-2004	7.200%		MA - 42.17%		Repur/Subs - 360		01-Jun-2004
75528687 2		150,000.00		149,866.45		16-Jun-2004	9.990%		IA - 75.00%		Repur/Subs - 360		01-Jun-2004
75552422 1		302,000.00		301,367.85		21-Jun-2004	5.750%		MD - 69.11%		Repur/Subs - 360		01-Jun-2004
75557462 1		67,500.00		67,124.89		07-Jul-2004	6.950%		OK - 88.82%		Repur/Subs - 360		01-Jun-2004
75764027 1		165,300.00		165,006.07		21-Jun-2004	6.600%		KS - 95.00%		Repur/Subs - 360		01-Jun-2004
75940809 2		480,000.00		477,184.00		23-Jun-2004	6.350%		NY - 68.57%		Repur/Subs - 360		01-Jun-2004
75996843 1		88,000.00		87,354.89		07-Jul-2004	7.200%		TX - 80.00%		Repur/Subs - 360		01-Jun-2004
76106905 1		80,000.00		79,926.62		14-Jun-2004	9.850%		GA - 72.73%		Repur/Subs - 360		01-Jun-2004
76267921 1		76,000.00		75,897.44		14-Jun-2004	7.990%		FL - 76.00%		Repur/Subs - 360		01-Jun-2004
76292903 1		65,450.00		65,394.87		09-Jul-2004	10.250%		MO - 85.00%		Repur/Subs - 360		01-Jun-2004
76322700 2		406,000.00		405,249.55		21-Jun-2004	6.400%		CA - 85.47%		Repur/Subs - 360		01-Jun-2004
76429646 1		153,750.00		153,209.51		07-Jul-2004	10.100%		IL - 75.00%		Repur/Subs - 360		01-Jun-2004
76651363 1		134,250.00		134,141.65		10-Jun-2004	10.450%		GA - 74.58%		Repur/Subs - 360		01-Jun-2004
76686641 2		423,000.00		422,458.68		28-Jun-2004	8.250%		FL - 74.87%		Repur/Subs - 360		01-Jun-2004
76984186 1		230,000.00		229,689.69		10-Jun-2004	7.990%		CA - 76.67%		Repur/Subs - 360		01-Jun-2004
76988443 1		198,000.00		196,369.43		07-Jul-2004	6.600%		FL - 90.00%		Repur/Subs - 360		01-Jun-2004
77515401 1		125,000.00		123,962.08		07-Jul-2004	6.800%		MA - 47.17%		Repur/Subs - 360		01-Jun-2004
77781888 1		140,000.00		139,834.94		21-Jun-2004	8.650%		WA - 82.35%		Repur/Subs - 360		01-Jun-2004
77940401 1		109,000.00		108,790.60		23-Jun-2004	6.200%		CA - 48.44%		Repur/Subs - 360		01-Jun-2004
80128085 1		133,000.00		132,765.40		21-Jun-2004	6.650%		FL - 75.78%		Repur/Subs - 360		01-Jul-2004


TOTAL			12,961,137.00		12,933,662.42
TOTAL


Page 19 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES
COLLATERAL REALIZED LOSSES
									Group 2		Group 1		Total



*Current*

Number of Loans Liquidated								0		0		0
Collateral Realized Loss/(Gain) Amount								0.00		0.00		0.00
Net Liquidation Proceeds								0.00		0.00		0.00



*Cumulative*

Number of Loans Liquidated								0		0		0
Collateral Realized Loss/(Gain) Amount								0.00		0.00		0.00
Net Liquidation Proceeds								0.00		0.00		0.00









Page 20 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution

DEFAULT SPEEDS
DEFAULT SPEEDS
									Group 2		Group 1		Total



MDR								0.00%		0.00%		0.00%
3 Months Avg MDR								0.00%		0.00%		0.00%
12 Months Avg MDR								0.00%		0.00%		0.00%
Avg MDR Since Cut-off								0.00%		0.00%		0.00%


CDR								0.00%		0.00%		0.00%
3 Months Avg CDR								0.00%		0.00%		0.00%
12 Months Avg CDR								0.00%		0.00%		0.00%
Avg CDR Since Cut-off								0.00%		0.00%		0.00%


SDA								0.00%		0.00%		0.00%
3 Months Avg SDA Approximation								0.00%		0.00%		0.00%
12 Months Avg SDA Approximation								0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation								0.00%		0.00%		0.00%


Loss Severity Approximation for Current Period								0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation								0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation								0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off								0.00%		0.00%		0.00%











Page 21 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 22 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior		Current		State &

												First
&			Principal		Principal	Realized	Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Loss/(Gain)	Rate		Origination		Term		Date





TOTAL



Page 23 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
								Group 2		Group 1		Total
Is there a TRIGGER in effect (0=No,1=Yes)												0
Has Stepdown Condition Occurred (0=No,1=Yes)												0


60 + Day Delinquent Balance
Ending Principal Balance								167,431,992.46		818,681,323.06		986,113,315.52
Delinquency Percentage												0.020000%


Certificate Balances OF MEZZANINE and C Certs												169,000,472.05
Credit Enhancement Percentage												0.170000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
								Group 2		Group 1		Total
Current LIBOR												1.130000%




Page 24 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

										NEXT PTR		CarryOver		CarryOver Paid


CLASS
			A-1A							0.003%		0.00		0.00
			R-III							0.000%		0.00		0.00
			R-IV							0.000%		0.00		0.00
			A-1B							0.004%		0.00		0.00
			R-X							0.000%		0.00		0.00
			A-2							0.001%		0.00		0.00
			A-3							0.003%		0.00		0.00
			A-4							0.005%		0.00		0.00
			M-1							0.006%		0.00		0.00
			M-2							0.013%		0.00		0.00
			M-3							0.016%		0.00		0.00
			M-4							0.023%		0.00		0.00
			M-5							0.025%		0.00		0.00
			M-6							0.040%		0.00		#######
			M-7							0.040%		0.00		0.00
			CE							0.000%		0.00		0.00
			P							0.000%		0.00		0.00
			R							0.000%		0.00		0.00





















Page 25 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

July 26, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 26 of 26

ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2004-R5 8-K